With time ticking down, lawmakers voted to keep student loan interest rate for federally subsidized Stafford loans at 3.4% for another year, attaching the compromise language, formerly H.R. 4628, to the highway bill (H.R. 4348). The measure passed the House and Senate on Friday. Had Congress not acted, the current authorization subsidizing student loan rates was set to expire June 30. and th...
With a June 30 deadline quickly approaching, lawmakers are running out of time to prevent student loan rates from doubling. Leadership from both parties has said that a compromise will be coming before the deadline and suggested on Friday that they are close to a deal. In 2007, Congress approved PL 110-84, which gradually reduced loan interest rates over four years. but expires July 1. The is...
On Thursday, the Senate Appropriations Committee voted along party lines to approve FY2013 authorization for Labor-HHS-Education programs, including $68.5 billion for the Department of Education. This includes an $85 increase in the maximum Pell Grant award level, from $5,550 to $5,635, beginning in the 2013-14 school year. Funding for most other student financial aid programs would remain at curr...
On Tuesday, administration officials announced a White House partnership with 10 colleges and universities to give students better information on the cost of higher education and financial aid options. The schools, which include the University of Massachusetts System, have voluntarily committed to adopting an information sheet for incoming students to help them understand the costs of college and ...
In a bid to break the stalemate over offsets for student loan interest rate legislation, Republican leadership in the House and Senate proposed two alternative proposals on Thursday. While general agreement exists on the desire to extend the current 3.4% interest rate on federal student loans for one year, delaying an increase to 6.8% scheduled for July 1, lawmakers have been unable to ...
Senators Chris Coons (D-DE) and Lamar Alexander (R-TN) introduced legislation Wednesday to create a new category of student visas for those studying in the science, technology, engineering and math (STEM) fields. The bill would create a new category of non-immigrant visa for foreign students pursuing a master's degree or doctorate in the STEM fields in the U.S. Those students would have one yea...
On Tuesday, Senate Republicans blocked a motion to proceed on the Senate Democrats' bill (S. 2343) to extend current interest rates on federal student loans for one year. With a vote of 52-45, the cloture motion failed to garner the needed 60 votes to proceed. Republicans objected to Majority Leader Harry Reid's (D-NV) refusal to allow a vote on the Republicans' alternative legislation (S. 2366). ...
On Wednesday, Senate Democrats introduced a bill (S. 2343) to extend the current interest rate on subsidized student loans for one year beyond the July 1 expiration date. The Congressional Budget Office (CBO) estimated the cost of a one-year extension to be $6 billion, which the bill would pay for by ending a tax benefit for S corporations. Under the bill, shareholders of these corporations w...
Senate Health, Education, Labor and Pensions (HELP) Committee Chair Tom Harkin (D-IA) is sponsoring legislation to prevent colleges from using federal student aid revenue, including Post 9/11 GI Bill benefits, to fund marketing activities. Sen. Kay Hagan (D-NC), who is also sponsoring the not yet introduced bill, said that it would "protect taxpayers' investment of billions of dollars in stud...
At a hearing of the House Education and Workforce Committee on Wednesday, U.S. Education Secretary Arne Duncan defended the administration's budget proposal for FY2013. Committee Chair John Kline (R-MN) repeated the charges from a March 20 House Appropriations hearing: that the administration's decision to pour billions in new spending into competitive grant programs while maintaining current fund...
With time ticking down, lawmakers voted to keep student loan interest rate for federally subsidized Stafford loans at 3.4% for another year, attaching the compromise language, formerly H.R. 4628, to the highway bill (H.R. 4348). The measure passed the House and Senate on Friday. Had Congress not acted, the current authorization subsidizing student loan rates was set to expire June 30. and th...